When you receive funds whether BitSeeds, Bitcoin, or a different cryptocurrency you have to give out a payment or receive address. While you can reuse the same address each time, the BitSeeds wallet and most other currency wallets allow you to make new receive addresses each time you do this.

In this tutorial I explain what the benefits are to either making a new address for each person or business you receive funds from, or to making a new address every single time you receive funds.

Personally, I take the second route because it offers you the greatest amount of privacy and that helps keep your funds safe from prying eyes. Watch the video to learn more.[Click for full post]

As I explained in the previous lesson on encrypting your wallet, one of the responsibilities you have when you hold your own funds is to protect them. Encrypting your wallet protects them from being spent without your permission, but you also should protect your funds from being lost just like you would with cash or any valuable item.

Your real wallet is not the program itself, but a file called wallet.dat which has a copy of your private key. Think of your private key as a magic key that lets you spend or save your money and proves you own it.[Click for full post]

People these days are used to leaving their money in banks and having them protect it for you. There are downsides to this situation including the fact that you don’t really own your money once you deposit it at a bank and they can put conditions on how you can spend it or how you can withdraw it (especially when dealing with larger amounts).

While you have an increasing number of similar options to banks with Bitcoin or alternative currencies, one of the benefits of cryptocurrency like BitSeeds is that you truly own your own money. This means you can hold as much of it as you want and have true choice over how you choose to store and spend it.[Click for full post]

Whenever you send or receive a cryptocurrency like BitSeeds, or if you generate new funds yourself through the process of staking (which is like gaining interest in a bank account), this counts as a transaction and it is recorded in the blockchain. The Blockchain is the decentralized ledger system which underlies Bitcoin and similar currencies.

In this video lesson we look at the Transactions tab which shows you all of the transactions from the BitSeeds blockchain that relate to your wallet including sent, received, and staked (often labeled as mined).[Click for full post]

This video lesson shows you the steps to send BitSeeds, or a similar digital currency such as Bitcoin, to someone else. You’ll need to know the recipient’s payment address and it helps for you to type in a label so you can look back later and know who you sent the money to or what the payment was for.

Watch the steps and keep in mind they’re pretty similar with any cryptocurrency.

This video continues the tutorials on BitSeeds with an overview of the wallet application. All cryptocurrencies such as Bitcoin use a “wallet” which is a program that works kind of like a cross between a traditional physical wallet and a bank account.

They’re free to use with no need to fill out lots of personal information and ask permission to use money the way you do with a bank. Anyone with a computer can use them and many currencies also have mobile wallet apps that work on your phone, too.[Click for full post]

Before we take a look at an overview of the wallet application running on your computer, I thought I’d record and post another video which takes a few minutes to show you how to create an account on a cryptocurrency exchange called Bittrex.

A cryptocurrency exchange allows you to buy and sell Bitcoin and altcoins including BitSeeds. Bittrex is my personal favorite exchange and it’s the official exchange for BitSeeds. Watch the video to see how to sign up (just takes an email address and password) and then you can click to visit Bittrex yourself.[Click for full post]